Philippines to License 25 Cryptocurrency Exchanges in Economic Zone

In their statement, the administrative body of Cagayan Economic Zone Authority (CEZA) announced the initial authorization for each of the 25 exchanges to employ up to 30 traders or brokers.

The exchanges will operate in the tax-friendly CEZA and Freeport — a government-controlled and sanctioned center in the Philippines’ northern Luzon region. To qualify, each exchange will be
subject to a “probity and integrity check” by the authority and will be required to invest at least $1 million over the next two years.

“There are many operating scammers who put an exchange with very little capital and they are victimizing investors. We do not want the Philippines to be a haven (for scammers) even if these scams
are happening abroad.”

Once established, the exchanges will be monitored by CEZA for compliance — requiring all affiliated ICOs to have their tokens “asset-backed”. Lambino stressed this criterion as the solution to
stamping out ICO exit scams:
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